- US Dollar bulls are forming a base in the 93.21-93.66 area as their objective is to break above the trendline and regain the 94.00 level.
- US Dollar Index (DXY) has gained about 5% since mid-April and the current move down is seen as a bull flag or pullback for bulls.
- However, a strong bear breakout below 93.21 swing low can invalidate the bull flag theory and lead to a retest of 92.81, 38% Fibonacci retracement (mid-April-late June bull run)
DXY 15-minute chart
Spot rate: 93.60
Relative change: 0.06%
Trend: Bullish above 93.21
Resistance 1: 93.66, 23.6% Fibonacci retracement (mid-April-late June bull run)
Resistance 2: 94.45 June 1, swing high
Resistance 3: 95.03 current 2018 high
Support 1: 93.21 June 7 swing low
Support 2: 92.81, 38% Fibonacci retracement (mid-April-late June bull run)
Support 3: 92.24, May 14 swing low
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